What Are The Key Milestones For Revenue? How To Achieve It?

Do you want to grow your business revenue?

But, how?

It may sound like a fictional number, when your mind keeps coming up with a dream business milestone like revenue, profit, team, other finances, etc.

But the main challenge comes when you are planning your daily work toward that.

How to approach growth correctly?

Table of Contents

Setting up your Milestones:

Setting milestones can be very easy, now the crucial part is to start working to achieve them.

You can easily come up with a milestone number of 1 Crore, 10 Crore, or 100 crores and work day in and day out with what you are doing now and expect it to hopefully happen by the end of your milestone timeline.

Is this the right approach?

Maybe!

Only if you are positioning yourself correctly in front of your audience.

But at any point, you need to have a milestone that you should remember even when asked in between your sleep.

Having the right business strategy helps you to achieve it.

There are various pieces of the puzzle that you need to fix initially to get things going on a smoothly predictable ride.

Marketing strategy,
Product market fit
Pricing strategy
Cost of acquiring customers
Properly following a buyer’s journey
Repeat purchase, etc.

Fundamentals of Marketing:

Sending the right message to the right person at the right time is marketing.

It is a science-based skill. Anyone can learn marketing.

If you can learn marketing and the science behind it of how it works, you can sustain yourself in business with a very long career.

This can be the case if you work for someone and also if you do your own business.

A founder is someone who needs to develop marketing skills to run his or her business efficiently over a long period of time.

Facebook ads. Instagram stories, youtube descriptions, trending LinkedIn conversations, etc. These things will change.

Some of these marketing platforms will go obsolete over a period of time and some emerge. You don’t have to worry about some of these going extinct. You just have to adapt your marketing skills for these platforms.

The fundamentals of marketing will remain for a long long time to come.

Even if you plan to outsource marketing to an agency or a freelancer, at the end of the day, it’s your business and you need to come up with the right marketing strategy, even to decide to take action for a decision to outsource.

If you start developing marketing skills it can directly impact positively your ROI.

How to Reach a 1 Crore of Milestone Revenue:

Steps to execute:

First, evaluate your existing niche. If the niche is not properly defined, analyze your skills and redefine a more specific and focused niche.

Because all the riches are in the niches. It should also be narrowed down to stay away from competition till you grow.

A successfully functional and tested product or service is only the second step toward your milestone revenue.

Thirdly, the right product Pricing strategy is the key to finding the volume that we can expect for that particular business offering.

There should be a product market fit

Product Price to Volume:

You can’t expect huge volumes from a premium product and also you can’t be profitable if you get lower volumes from a low-priced product or service.

For any conversion to happen for a premium product or service offering, you need to have a great deal of trust or brand name, before pitching the premium offering. Without that more sales won’t happen.

If you have no authority or a lower brand value, you can go for a low-priced offering initially and can enter into the premium segment by slowly starting to upsell to your successful customers.

The sooner you plan to directly pitch a premium-priced offering, the more you have to spend. Any mistake in finding the right pricing strategy will affect your marketing budget and directly on your business profitability.

If you want to Come up with a target revenue milestone, to achieve in the next 2 or 5, or even 10 years, you need to first come up with the right pricing strategy for the product or service that you offer to your target customer.

Use competition as a key metric to find out the right pricing for your offering.

In a narrow niche, you can command a premium price as the competition will be low.

Price the product based on the value that your target customer can expect in comparison to the options available in the market out there.

The Funnel Strategy

Creating a high-quality marketing funnel is very important. Without a proper marketing funnel creating trust from your audience is very difficult.

You need to go further with your relationship with them and add value to their lives with your authority, in order to gain their trust.

Nobody will be ready to give you their hard-earned money if you don’t develop enough trust to convince them of your product or service.

Not all products or services can command a premium price, and each set of your audience from the same service interest will have a different buying power.

If the competition is intense, try to acquire some audience by offering a value-first approach by initially compromising on the profit.

Level 1: Free Value Element:

Create a free value element in return for your audience’s email ID or contact details.

By creating and offering a free value element to the audience, you can start gaining their relationship.

In return, you can ask them to opt into your email list. In this way, you can start building a solid email list of relevant audiences, who are interested in your field of expertise.

This is the starting process in your audience’s buyer journey.

We have taken a service industry-based example.

You can use these methods

Free training & coaching Programs
Free consultation & review
Free e-book
Free tools for marketing
Free industry-wise marketing guides
Free toolkit and framework
Free webinars

Level 2: Irresistible offer:

Create a basic product or service with minimum profit.

By offering a valuable service or a product at reasonable or too-good-to-be-true pricing, you can gain and nurture the trust that your audience has given you during signup.

You can also make some revenue in this process, without expecting too much profit. Just try to avoid loss in this phase.

Example:

Premium website themes at a fractional cost,
Portfolio of design templates at a lower cost,
Training module with a token fee,
Free starter packs + add-on bundles,
First 3 months of free subscription to your productized service

In these ways, you can cover some costs and also gain some trust.

Level 3: Retainer-based Product or Service:

By providing a retainer-based product or service, you can maintain a healthy month-on-month stable cash flow for your business.

This can be achieved by a long-term product offering with a service agreement or a partially productized service offering.

A major portion of a successful business’s high-contributing client segment should consist of this element.

Level 4: Premium Product or service with aspiration value:

This is the segment that has the maxim ROI for your efforts. You can’t get a larger number of clients in this segment, but most of these will be from tier 1 and 2 cities.

You should not pitch a Level 4 kind of service to an audience who is very early in his buyer’s journey

It will immediately backfire, and you may end up losing their trust.

You need to try to retain a customer without just leaving after a sale because repeat sales is way easier than a sale from a new customer

What is CATT Marketing Funnel?

Wealth = n^(CATT)

n = Niche
C = Content (Blog Posts, Videos, Lead Magnets, Live webinars, etc )
A = Attention (SEO, Social media, Paid Ads, Referrals)
T = Trust (Tripwires, Marketing Automation, Retargeting )
T = Transaction ( Sales call, Sales Webinars, Sales page, Video Sales Letter )

For a marketing funnel to work efficiently, you need to consider all the above aspects and create a clear plan and strategy to start achieving your milestones.

Personal Branding:

Position yourself as an expert in a specific niche. This way you can create a brand for yourself over a period of time.

Try to niche down so specific, such that you can position yourself as the one and only no.1 player in your industry.

A great product will sell itself

What is Direct Response Marketing?

Direct response marketing is the act of conveying the right message to your audience and getting immediate responses in the form of actions.

Communication is the key here.

If it is done right, you can expect immediate action. It need not be in the form of sales.

Maybe, email opt-in subscriptions, downloading an ebook, scheduling a consultation, etc.

Integrated digital Marketing framework:

Communication Skills:

Anybody can write content, but the fact is that not all content writing sells. It’s actually creating better communicating content which can encourage people to take action.

You don’t have to be Shakespeare to convince your audience, you can even create content in your vernacular language. The only key here is to communicate clearly and efficiently so that even a 7-year kid can understand what you are trying to communicate.

Over the period of time, your content quality will prove with practice.

So, focus on communicating with a better copy.

Write as if you are talking to the person sitting in front of you.

Make it personal and try to connect with an ongoing conversation in the audience’s mindset, without starting anything from scratch.

Resources: https://digitaldeepak.com

Conclusion:

Learning and excelling at marketing is the right way to move towards your revenue milestones and business growth. This can’t happen in a short period, but you need to structure it correctly.

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What Are The Key Milestones For Revenue? How To Achieve It? (Positioning, Strategy and Fundamentals):